On 26th March 1988, the Specializing Bank for Industry and Trade was established in accordance with the Decree No. 53/NĐ-HĐBT of the Council of Ministers on the organizational apparatus of the State Bank of Vietnam, and was officially renamed “Vietnam Bank for Industry and Trade” in accordance with the Decision No. 402/CT of the Chairman of the Council of Ministers dated 14th November 1990.

On 27th March 1993, the Governor of the State Bank of Vietnam signed the Decision No 67/QĐ-NH5 on the establishment of Vietinbank under the State Bank of Vietnam. On 21st September 1996, under the authorization of the Government Prime Minister, the Governor of the State Bank of Vietnam signed the Decision No. 285/QĐ-NH5 on the incorporation of Vietinbank according to the State-owned Corporation model as stipulated at the Decision No. 90/QĐ-TTg dated 07th March 1994 by the Prime Minister.

Over 20 years of incorporation and development, Vietnam Bank for Industry and Trade has developed toward a universal banking model with its operation network scattered over 56 provinces and cities throughout the country, including 01 Head Office; 03 Transaction Centers; 138 branches; 188 transaction offices; 258 points of sales; 191 savings offices; 742 Automatic Telling Machines (ATMs); 02 Representative offices; and 03 Subsidiaries covering Financial Leasing Company, Securities Company Ltd (VietinbankSC) and the Debts and Assets Management Company; 03 administrative units including a Card Center, an Information Technology Center, and a Human Resource Development and Training School. Moreover, Vietinbank has participated its joint-venture capital in Indovina Bank and Incombank - Asia Insurance Company Limited (IAI); invested its capital in 07 companies, including Vietnam National Financial Switching Joint-Stock Company, Ha Tien Cement Joint Stock Company, Phuoc Hoa Rubber Joint Stock Company, Gia Dinh Commercial Joint Stock Bank, Sai Gon Bank for Industry and Trade etc.

At present, Vietinbank has correspondent banking relationships with over 800 banks and financial institutions in more than 90 countries and territories in the world. Vietinbank’s statutory capital at the time of corporate revaluation (31/12/2007) was over VND 7,608 billion, with its total assets reaching up to VND 166,112 billion, accounting for around 10% of all the total assets in the whole banking industry. According to Vietinbank’s unauditted financial statements, as at 30/09/2008, Vietinbank’s statutory capital and total assets were around VND 7,626 billion and VND 187,534 billion respectively.

Some achievement highlights of Vietinbank at present can be summed up below and can also serve as its strengths over other peer commercial banks:

 

• Rapid growth in the size of Assets and Liabilities and other businesses, which actively and efficiently meets requirements for production and trading operations of businesses and public individuals, affirms its role as a main force commercial bank in Vietnam. Widening and developing new types of products and services, integrating itself into regional and world financial markets.

 

• Establishing and developing its strong organization and business operation network, developing human resources to efficiently and effectively operate its business system.

 

• Developing and completing its policies and regulations system on business performance and internal operations management: which are consistent, complete, advanced to meet business requirements in today’s new business environment, to ensure safety, quality and efficiency. This can be seen from the Credit Manuals and 61 business processes which are, consistent with scientific standards, ISO certified.

 

• Developing the technical infrastructure and modernizing the banking technologies: The entire transaction premises cum vault systems from the Head Office to the branches, transaction offices, point of sales are all spacious and modern, and are designed toward Vietinbank trademark standard. 88 new office construction sites have been being built, such as: the Head Office Building at 25 Ly Thuong Kiet, the Staff Training Centers in Hue City and Dong Nai province (over 5 ha size each); the 10.2-ha Human Resource Development and Training School in Van Canh, the 26-storeyed Branch No. 1 building in Ho Chi Minh City, the 30-storeyed Hoang Mai branch building.

 

• Since its incorporation (1988), Vietinbank has been awarded: 01 Second-Class Independence Honor, 01 Third-Class Independence Honor, 04 First-Class Labor Honors, 22 Second-Class Labor Honors, 121 Third-Class Labor Honors, 01 Third-Class Feat-of-Achievements Honor, 03 business units were collectively awarded title “Labor Hero in Modern Days”, 333 certificates of merit given by the Prime Minister, 08 Emulation flags awarded by the Government, 20 Emulation flags awarded by the Governor and thousands of certificates of merit conferred by the Governor and other Ministries and government bodies etc. Also, in 2008, Vietinbank won the Award “Capital City Gold Star 2008” for the E-Partner product; Gold Cup “Trademark - Brand” for the Third Time; Award “ISO Gold Cup for the Fourth Time – 2008” voted and given by the Ministry of Science and Technology, and the “International Star Award (ISAQ)” in Switzerland was also given to Vietinbank, being the first bank in Vietnam to receive such an honor.